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Last Friday, crude oil prices closed below the $77.64 mark, reinforcing expectations of a continued decline in the upcoming sessions. Analysts predict the prices will drop further, targeting $76.45 and subsequently $75.25.
The EMA50 indicator exerts consistent negative pressure on the price, supporting the forecast of a sustained bearish trend. However, a breach of the $77.64 followed by the $78.25 levels would halt the anticipated decline and potentially reverse the trend towards an upward movement.
Expected Trading Range
The anticipated trading range for crude oil is between $75.70 support and $78.70 resistance.
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